The possibility of becoming a victim of identity theft doesn’t end when someone passes away. In fact, many people whose identities are stolen are recently deceased.
Unfortunately, those who steal the identities of people after they’ve died (sometimes called “ghosters”) take advantage of the fact that surviving loved ones are often in shock, grieving and not taking necessary steps to protect their loved one’s personal information and assets – either in hard copy or online.
How do ghosters accomplish this?
Ghosters may scan online obituaries and social media to learn about people who have passed away. They may steal U.S. Mail or even steal from a deceased’s home.
With one or two pieces of information, they can empty bank accounts and make thousands of dollars of purchases on stolen credit cards and more before loved ones get around to freezing them. That can wipe out large amounts of a person’s estate and leave a mess for their family to deal with.
What information should an executor have to get ahead of the ghosters?
When people create their estate plan – or even if they already have one — there are things they can do to help keep their assets from being stolen after they’re gone. This involves leaving an up-to-date, detailed list of information where the estate executor can easily locate it immediately. This includes:
- A secure list of login credentials and passwords
- A list of all accounts, credit cards, insurance policies and loans so the companies that hold them can be notified of the death
- A list of benefits and identifying information for them (although the Social Security Administration typically gets their own death reports)
- An online copy of the estate plan and related documents
It’s important to keep this information current – particularly things like passwords that regularly change. The executor should also know where paper copies of important personal documents (including any paper copy of the estate plan) are so they can access and secure them quickly.
This preparation is particularly crucial for those whose assets are solely in their name. However, it’s important for everyone to consider this reality. An experienced estate planning professional can help people determine how best to protect their identity and assets from being stolen after they’re gone.
